TORONTO, ONTARIO -- (Marketwired) -- 05/01/13 -- VVC Exploration Corporation ("VVC" or the "Company") (TSX VENTURE: VVC) is pleased to announce that, further to its news release of April 12, 2013 ("Initial News Release"), the Company has filed the required preliminary documents with the TSX Venture Exchange ("TSX-V") in connection with the execution of a non-binding letter of intent with Camex Mining Development Group Inc. ("Camex") (the "Letter of Intent"), pursuant to which, the Company intends to acquire all of the issued and outstanding shares of Camex, in exchange for the issuance of 59,900,000 common shares of VVC at closing, subject to adjustments, if any, as mutually agreed upon based on due diligence. Accordingly, the TSX-V has confirmed that the Company's stock halt will be lifted. The Company expects trading to resume at market open on Thursday, May 2, 2013.
In addition, the Company wishes to correct some minor inaccuracies in the Initial News Release concerning the principal assets of Camex. As such, the following is the amended and restated language with respect to the Samalayuca and Escondida properties in northern Mexico:
"Camex was incorporated in 2010 and is in the business of developing mineral resources primarily in Mexico. The principal assets of Camex are the Samalayuca and Escondida properties in northern Mexico. Samalayuca is located in Chihuahua State, approximately 35 km south of the Juarez, Mexico/El Paso, Texas area. The Samalayuca Property comprises the Kaity claim covering 1623 hectares and exposing a stratiform sedimentary copper deposit over a mineralized zone of at least 5 km. Camex owns 33.75% of the Samalayuca Property with another 25% owned by Firex, S. A. de C. V., a mining engineering company planning a $7M pilot plant, which could generate cash flow when in production.
Escondida is located in Sonora State, approximately 226 km south of Tucson, Arizona and 120 km NNE of the capital of Hermosillo, Mexico. It is an epizonal gold-silver deposit, with three major mineralized structures, covering 178 hectares. The Escondida Property has shown interesting grade values of silver and gold in surface grab samples."
About VVC Exploration Corporation
VVC is a Canadian exploration company with projects in Mexico and Canada, which include a gold prospect in Sonora State and a gold placer prospect in Sinoloa State, both in Mexico. The Company also has grass-roots gold prospects in the Timmins area of northern Ontario. In addition, VVC is aggressively searching for other projects - especially precious minerals and base metals at various stages of development in North America, mainly in Mexico, Quebec and Ontario.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (hereinafter collectively referred to as "forward-looking statements"). The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by VVC at the time of preparation, may prove to be incorrect. Forward-looking statements, including expectations with respect to issuing VVC shares on closing of the transaction and the generation of cash flow by Firex from the planned pilot plant, are subject to certain risks and uncertainties, and actual results may differ materially from VVC's plans and expectations. These plans, expectations, risks and uncertainties are detailed from time to time in the filings made by VVC with the TSX Venture Exchange and securities regulators. VVC does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Completion of the Transaction is subject to a number of conditions, including the entering into a definitive agreement, TSX Venture Exchange acceptance and approval of the shareholders of VVC. The Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of VVC should be considered highly speculative.
All forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VVC Exploration Corporation
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